Why Are Big Banks Going To War With A Federal Judge?

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Why Are Big Banks Going To War With A Federal Judge?

Why Are Big Banks Going To War With A Federal Judge?

Because this judge isn’t corrupt like the ones they’re used to dealing with. They finally met one that knows how to apply the law.

The National Memo-

The nation’s largest banks have devised a novel way to protect their interests and save themselves from hundreds of billions of dollars in legal exposure. They’re taking a judge to court.

Lawyers for 17 banks submitted an unusual filing in the Second Circuit Court of Appeals this week (just listing all the corporate lawyers involved takes up the first four pages). The banks – including JPMorgan Chase, Bank of America, Wells Fargo, Goldman Sachs, Citigroup and Morgan Stanley – stand accused of ripping off the mortgage giants Fannie Mae and Freddie Mac. The Federal Housing Finance Agency, Fannie and Freddie’s conservator, alleges that these banks improperly sold $200 billion worth of mortgage-backed securities without disclosing the shoddy underwriting of the underlying loans. FHFA argues the banks knew the loans in the securities were bad, yet sold them to Fannie and Freddie anyway, leading to massive losses and the need for a government bailout. So FHFA wants the banks to buy back the securities they improperly sold under false pretenses.

[THE NATIONAL MEMO]

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One Response to “Why Are Big Banks Going To War With A Federal Judge?”

  1. Hope this starts a judicial war with good attorneys and judges and Carl Levin and Elija Cummings and Elizabeth Warren. What a nasty organized crimal organization these banksters are .

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